My friend told me that she heard on a spanish language station said that the gap for funding was around $15,000,000. I don't know what station it was on. If it is a 15,000,000 million dollar gap this is good news.

Next problem=the site of the stadium. Has anyone thought of Amelia Earhart park in hialeah as a site?I think hialeah would be one of the last places the marlins would choose even though i would love it there

15,000,000 dollars thats all!?! AWESOME! :thumbup But still a lot...

if its true, thats not really a lot. there are certain big leaguers that make more than that

The gap is nowhere near $15 mil, that's chump change that any of the parties could absorb without an issue.

 

That gap is closer to $115 million and depending on the site it's more than that.

:guillotine I would have to say i don't trust what my friend said the gap might be $115,000,000 if so we are in deep s***

that's chump change that any of the parties could absorb without an issue.

Yea, especially for a team owner whose total net worth is chump change to other owners, right? $15,000,000 is far from chump change for a team that can't spend more that $54 Million on players after winning a world series.

$15,000,000 is $39,000,000 less than $54,000,000. how the hell is that not chump change for a team when it would secure its future

The estimated cost of the facility is $375 million (no 100% on that, but I remember that number for some reason)

 

The Marlins have pledged $137 million (not all up-front)

 

Miami: $73 Million

 

Total pledged (that I'm aware of: $210 million)

 

Leaving us with a gap of $165 million.

 

Wish it were only $15,000,000

:lol :thumbup http://smilies.jeeptalk.org lets put a 20% TAX ON ALL THE CANUCKS THAT COME IN THE WINTER OR WE CAN ASK BILL GATES FOR THE MONEY IN EXCHANGE WE'LL NAME IT MICROSOFT FIELD AND PUT ARRIOLA NAME ON THE STREET THAT WILL KEEP THAT PUNK HAPPY

THE MARLINS SAID THEY SHORTEN THE GAP WITH NAMING RIGHTS AND SUCH MAYBE THE GAP IS $115,000,000 HANK SOPHER SHOULD GET INVOVLED

no need for caps dude

THE MARLINS SAID THEY SHORTEN THE GAP WITH NAMING RIGHTS AND SUCH MAYBE THE GAP IS $115,000,000 HANK SOPHER SHOULD GET INVOVLED

easy on the caps, and that $137 they have pledged factors in leveraging the naming rights and luxury box sales...

 

easy on the caps, and that $137 they have pledged factors in leveraging the naming rights and luxury box sales...

 

 

no it doesn't thats why samson said today the funding gap is SHRINKING so did Arriola

 

easy on the caps, and that $137 they have pledged factors in leveraging the naming rights and luxury box sales...

 

 

no it doesn't thats why samson said today the funding gap is SHRINKING so did Arriola

enlighten me then...where is a team who cannot afford to increase payroll going to miraculously come up with close to $200 million? The money is leveraged on the naming rights and suite rentals. It's like a mortgage, the money is loaned based on an asset the team has. If Loria had this money sitting around right now the deal would be a lot closer. Essentially, the Marlins are working on a lot of loans right now, and considering they don't even own the stadium they're in now, they don't have a lot of assets to negotiate with, hence, the use of the naming rights for the proposed stadium...

that's chump change that any of the parties could absorb without an issue.

Yea, especially for a team owner whose total net worth is chump change to other owners, right? $15,000,000 is far from chump change for a team that can't spend more that $54 Million on players after winning a world series.

Wild I realize you're a child but even you should understand that $15,000,000 over the 30 years (the length of bond issue) is such an insignificant amount that it would never qualify as a deal-breaker.

 

The reason the Marlins aren't spending more right now is so they minimize their losses and improve their balance sheet to better position themselves to get the financing they need to make the deal happen. Ideally they would like to keep losses this year to under $10 million. It makes a big difference in the rating (and hence the interest rate on) their bonds will receive.

What you guys are forgetting is that interest is part of debt service. Raising the roughly $325 million the Marlins say they need to build a stadium will require bonding out the project and that means paying interest as well as principal. The money from naming rights will go towards interest and operating expenses throughout the period. It's about leveraging every dollar and managing cashflow.

I don't see why the Marlins would extend their deadline if the difference was only $15 mil.

Let's get the numbers right shall we!

 

Ballpark Total $325 million

Dade County -$73 million

Marlins -$137 million

______________________

Monies Needed $115 million

State Tax Rebate -$60 million

________________________

Monies Needed $ 55 million

 

The city and private partners must come up with land and $55 million.

Let me take what Cape just did one step further.

 

Assuming that a stadium as envisioned by the Marlins can be built for $325 million, which I think may be unlikely (I'm just being realistic, not negative) and land costs are near zero, $142 million additional (based on a 3% interest rate and a $50 million downpayment) will be needed to service the remaining $275 million over the 30 year lifetime of the debt, bringing the total cost to approximately $467 million.

 

This is where naming rights, parking and concession revenue come in and why they are so important. Monthly principal and interest payments will be roughly $1.2 million.

 

So in order to manage the debt service on this project the real shortfall, even including $60 million from the State, is approximately $200 million over the life of the debt.

the debt service interest and assoc. fees are included in the ballpark costs, that is why the park costs $325 million.the cost presented shouls include interest.

the debt service interest and assoc. fees are included in the ballpark costs, that is why the park costs $325 million.the cost presented shouls include interest.

 

Respectfully Cape, you're incorrect. The $325 mil figure represents construction and architectural costs ONLY, it does not include land acquisition, debt service, maintenance, insurance and other costs related to running or managing an ongoing enterprise. I think that's pretty clear from everything that's in the public domain. If you can show me anything that represents your point of view I'll be glad to ammend my remarks.

the debt service interest and assoc. fees are included in the ballpark costs, that is why the park costs $325 million.the cost presented shouls include interest.

 

Respectfully Cape, you're incorrect. The $325 mil figure represents construction and architectural costs ONLY, it does not include land acquisition, debt service, maintenance, insurance and other costs related to running or managing an ongoing enterprise. I think that's pretty clear from everything that's in the public domain. If you can show me anything that represents your point of view I'll be glad to ammend my remarks. are we sure of that? wouldn't that figure give an estimate for the debt service on the value of the building? When the Panthers built their arena the debt service payments and interest were part of the price tag.

You know Cape, I never look to argue with you, but in this case, if you have any faith in my credibility, accept what I'm telling you. The $325 Mil number is the barebones, get it open cost.

 

No numbers have been put forth regarding debt service and ongoing costs because no one knows what the ultimate price will be, what the ultimate interest rate will be, what kind of bonds will be floated, whether they will be municipal or private, what contributions will be made by what entity (city, county, state, Marlins, naming rights etc.) Debt service is absolutely not included.

 

Take naming rights for example. Let's say BellSouth (just using them as an example) agrees to pay $30 million over 30 years ($ 1 million a year) for the Marlins new stadium. They might agree instead to pay $20 mil as a lump sum and the Marlins would take it because the savings on debt service will be probably worth that amount in interest over the period of the loan.

 

Hope this helps.

You know Cape, I never look to argue with you, but in this case, if you have any faith in my credibility, accept what I'm telling you. The $325 Mil number is the barebones, get it open cost.

 

No numbers have been put forth regarding debt service and ongoing costs because no one knows what the ultimate price will be, what the ultimate interest rate will be, what kind of bonds will be floated, whether they will be municipal or private, what contributions will be made by what entity (city, county, state, Marlins, naming rights etc.) Debt service is absolutely not included.

 

Take naming rights for example. Let's say BellSouth (just using them as an example) agrees to pay $30 million over 30 years ($ 1 million a year) for the Marlins new stadium. They might agree instead to pay $20 mil as a lump sum and the Marlins would take it because the savings on debt service will be probably worth that amount in interest over the period of the loan.

 

Hope this helps.

You are credible, I am just asking you why wouldn't the debt payment costs not be included in the price given by the team?

Because not enough components of the deal are in place yet. As I alluded to (above post) there's too many variables in place and it's unknown yet whether the stadium will ultimately funding with municipal bonds (mostly likely) over with some other bonding mechanism.

 

Hope that helps.